Five Very Cheap Energy Stocks That Hedge Funds Are Piling On

4. Petroleo Brasileiro SA – Petrobras (ADR) (NYSE:PBR)

Investors with Long Positions (as of June 30): 31

Aggregate Value of Investors’ Holdings (as of June 30): $760.06 million

Petroleo Brasileiro SA – Petrobras (ADR) (NYSE:PBR) did not have a great third quarter either, with its shares declining by nearly 52% during the three-month period. The number of hedge funds tracked by our team with stakes in the company decreased by four during the second quarter, amassing only 1.30% of its outstanding shares. Recently, a long list of plaintiffs have filed complaints against the state-oil company, stating that Petrobas failed to disclose the scope or scale of a corruption scandal at the company, which includes money-laundering bribery scheme and overstatement of its property, plant, and equipment figure on its balance sheet. Ken Fisher’s Fisher Asset Management increased its position in Petroleo Brasileiro SA – Petrobras (ADR) (NYSE:PBR) by roughly 1.11 million shares during the September quarter to 9.64 million shares.